Dr. Cassiel Ato Forson expects Ghana’s inflation rate to decline to 8% by year-end, a drop from 23.1%. He highlights the government’s commitment to economic stabilization and mentions a need for fiscal discipline to manage the ongoing cost-of-living crisis. February’s inflation rate shows a slight decrease primarily due to falling food inflation.
Dr. Cassiel Ato Forson, Ghana’s Minister of Finance, has forecasted that the country’s inflation rate could decline to approximately 8% within the year, which represents a significant reduction from the current rate of 23.1%. This projection reflects a decrease of 13% to 15% in headline inflation, indicating the government’s proactive measures to combat the cost-of-living crisis.
During a discussion on March 9, 2024, Dr. Forson expressed the government’s dedication to economic stabilization. He acknowledged the pressing nature of the current cost-of-living crisis and emphasized the need for fiscal discipline to reverse the trend of rising inflation. The goal, as stated by him, is to achieve an inflation rate of 8% plus or minus 2% by the year’s conclusion.
The inflation rate for February 2025 saw a slight decrease to 23.1%, down from 23.5% in January. This modest decline has been predominantly attributed to a reduction in food inflation, as noted by Government Statistician, Prof. Samuel Kobina Annim. However, he also highlighted that despite this decrease, the February annual inflation rate remains the third-highest recorded over the past ten months.
In summary, Dr. Ato Forson’s optimistic forecast for Ghana’s inflation rate aims to achieve a reduction to about 8% by year-end. The government is focusing on fiscal discipline to stabilize the economy amid a notable cost-of-living crisis. While recent data shows a slight decline in inflation, challenges persist, necessitating continued efforts for improvement.
Original Source: www.ghanaweb.com
